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Fast Formula Compile Issue - ORC CSP Formula - Invalid data type combination

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I have a requirement to write a fast formula that prevents a CSP phase/state from moving forward based on the value in an EFF. The value is set as a yes/no character flexfield. Any help is appreciated! I have a suspicion that I need to use a loop but open to suggestions.

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Code snippet below. I'm trying to pull this from the EFF's on job applications within the CSP through a fast formula but get an error: "the statement has an invalid combination of data types." referring to this line: IF (IRC_CSP_JOBAPP_ATTRIBUTE_PEI_INFORMATION1 = 'Yes') THEN CONDITION_RESULT = 'FALSE'

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