(I can say more and will in a while, but get this concept in your mind first.)
Dead faith is a faith that does not save, and though this form of regret with penalties for "forgiveness" has a great popular spread amongst Romanists, they do not monopolize it. That attitude is everywhere.
And I, being Catholic, think that what James is saying is what he is saying, right in the inspired text he wrote. Where Protestants wonder, fantasize and obfuscate Catholics know.
Indeed, and it is the kind of faith which effects works that is counted for righteousness, not being justified by the merit of any works, as Peter and Paul plainly teach.
Not by works of righteousness which we have done, but according to his mercy he saved us, by the washing of regeneration, and renewing of the Holy Ghost; (Titus 3:5)
To him give all the prophets witness, that through his name whosoever believeth in him shall receive remission of sins. (Acts 10:43)
And when there had been much disputing, Peter rose up, and said unto them, Men and brethren, ye know how that a good while ago God made choice among us, that the Gentiles by my mouth should hear the word of the gospel, and believe. And God, which knoweth the hearts, bare them witness, giving them the Holy Ghost, even as he did unto us; And put no difference between us and them, purifying their hearts by faith. (Acts 15:7-9)
But RCs can only think what conforms to Rome, thus imagine this means a ritual and (usually) postmortem suffering makes one good enough to be with God, and must engage in egregious extrapolation in trying to dress up their tradition-based heresy with Scripture to make it look respectable to evangelicals.