Is the Federal Reserve's adjudicatory rule that retroactively retroactively applies to Montgomery Ward?

MultiRegion, United States of America

The following excerpt is from Reyes Afanador v. Garland, 17-70127 (9th Cir. 2021):

[7] If the agency's adjudicatory rule does not have a retroactive effect, the court need not apply the Montgomery Ward factors. See Singh v. Napolitano, 649 F.3d 899, 901 n.1 (9th Cir. 2011) (per curiam).

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