From a Called to Communion article:
The context of Scripture is not merely within its pages, but is the living organism which is the Body of Christ, i.e. the Church. Since the gospel teaches us that Christ founded a Church against which the gates of hell shall not prevail, we should expect to approach Scripture through the view-from-within of that Church. Insofar as the lexical approach methodologically denies the Church, the lexical approach implicitly denies the gospel. To find and follow the gospel, we should come to Scripture through the Tradition of the Church. This is why Sacred Scripture can be rightly understood only in the bosom of holy Mother Church. Both Protestants and Catholics need to understand this fundamental difference in their respective approach to Scripture, in order to make progress in resolving their long-standing schism.
The comments to the article are well worth reading, too.
My own take: The Catholic believer acknowledges the Church’s right to judge him whereas the protestant asserts his right to judge the Church.