No, it is not true. Protestants have as their sole rule of faith the written Word of God, which we find in Sacred Scripture. The Catholic Church has as its sole rule of faith, the entire Word of God, as it is found in Sacred Scripture and Sacred Tradition. All of the Word of God was at one time passed on orally…Sacred Tradition. Eventually, some of Sacred Tradition was written down…this became Sacred Scripture, which is written tradition. However, Scripture itself tells us that not all of the things that Jesus said and did were written down. And listen to what Paul says about “tradition”:  
 
2 Thes 2:15, “So then, brethren, stand firm and hold to the traditions which you were taught by us, either by word of mouth or by letter.” Traditions! Traditions taught by word of mouth, in other words, oral tradition, and traditions taught by letter. Traditions which they are being told to “stand firm and hold to”. Sacred Scripture and Sacred Tradition.  
 
1 Cor 11:2, “I commend you because you remember me in everything and maintain the traditions even as I have delivered them to you.” The Corinthians are being commended by Paul because they maintain the traditions that he passed on to them. Sacred Scripture and Sacred Tradition.  
 
2 Tim 2:2: “and what you have heard from me before many witnesses entrust to faithful men who will be able to teach others also.” What we have here in 2 Timothy is an instance, in Scripture, of Paul commanding the passing on of oral tradition.  
 
1 Thes 2:13, “And we also thank God constantly for this, that when you received the Word of God which you heard from us, you accepted it not as the word of men but as what it really is, the Word of God, which is at work in you believers.” So, they received as the Word of God that which they heard, not simply that which they read in Scripture.  
 
In other words, the Bible clearly supports the Catholic Church’s teaching that the Word of God is contained in both Sacred Scripture and Sacred Tradition.

Well, the quick answer is because that’s the way God wants us to do it. In James 5:16, God, through Sacred Scripture, commands us to “confess our sins to one another.” Notice, Scripture does not say confess your sins straight to God and only to God…it says confess your sins to one another. In Matthew, chapter 9, verse 6, Jesus tells us that He was given authority on earth to forgive sins. And then Scripture proceeds to tell us, in verse 8, that this authority was given to “men”…plural. In John 20, verses 21-23, what is the 1st thing Jesus says to the gathered disciples on the night of His resurrection? “Jesus said to them, ‘Peace be with you. As the Father has sent me, even so I send you.'” How did the Father send Jesus? Well, we just saw in Matthew 9 that the Father sent Jesus with the authority on earth to forgive sins. Now, Jesus sends out His disciples as the Father has sent Him…so, what authority must Jesus be sending His disciples out with? The authority on earth to forgive sins. And, just in case they didn’t get it, verses 22-23 say this, “And when He had said this, He breathed on them, and said to them, ‘Receive the Holy Spirit. If you forgive the sins of any, they are forgiven; if you retain the sins of any, they are retained.'” Why would Jesus give the Apostles the power to forgive or to retain sins if He wasn’t expecting folks to confess their sins to them? And how could they forgive or retain sins if no one was confessing their sins to them?  
 
The Bible tells us to confess our sins to one another. It also tells us that God gave men the authority on Earth to forgive sins. Jesus sends out His disciples with the authority on earth to forgive sins. When Catholics confess our sins to a priest, we are simply following the plan laid down by Jesus Christ. He forgives sins through the priest…it is God’s power, but He exercises that power through the ministry of the priest.