Catholics seem to be hung up on this misnomer in trashing Protestants. The Bible is the foundation, not the only source of truth. Unlike Catholics, where the Church is the foundation and it is nice if the Bible supports them.
We Catholics believe the Church is the Guardian of Truth, the Truth of the Word of God. We believe His Word is both Oral, through Sacred Tradition, and Written, through the Sacred Scriptures.
"the church of the living God, the pillar and ground of the truth" (1 Tim 3:15).
The written scripture exists so that when an individual or an institution begins to go astray, the sin situation can be detected and/or corrected. Christ himself referred to Old Testament canon when he denounced the religious authorities for substituting the traditions of the Talmud for the authentic commands from the Torah and the prophets.
What ever oral traditions that are true and of “good report” that are proclaimed by any Ecclesiastical Authority “worthy of being followed”, they cannot be in contradiction to scripture and of the life of Jesus Christ.
Oral traditions and “Talmudic” style interprative extrapolations of biblical canon must never supercede the biblical canon itself!