Hi @chris_zimmer,

I'm a Canvas admin for my institution, and I can confirm this is a permission that your school/institution admins can adjust.  We actually had this on (unknowingly) for years until one of our faculty members recently let me know they could access all of the banks.  I worked with Instructure support on this, and they pointed out that we had the "Item Banks - manage account" permission enabled for our teachers.  I disabled that and if fixed the issue.  We've had New Quizzes (formerly Quizzes2) available for years, so I'm not sure is that permission got set that way initially or not, but your Canvas admins can definitely switch it off unless they have a good reason to leave it enabled.

Hope this helps!

-Chris