To me, consumable means that it gets eaten. We don't eat soap, so that answer would be no. According to the FDA, true soap doesn't even need the ingredients.
http://www.fda.gov/cosmetics/guidanceco ... 074201.htmSoap is a category that needs special explanation. That's because the regulatory definition of "soap" is different from the way in which people commonly use the word. Products that meet the definition of "soap" are exempt from the provisions of the FD&C Act because—even though Section 201(i)(1) of the act includes "articles...for cleansing" in the definition of a cosmetic—Section 201(i)(2) excludes soap from the definition of a cosmetic.
How FDA defines "soap"
Not every product marketed as soap meets FDA's definition of the term. FDA interprets the term "soap" to apply only when
the bulk of the nonvolatile matter in the product consists of an alkali salt of fatty acids and the product's detergent properties are due to the alkali-fatty acid compounds, and
the product is labeled, sold, and represented solely as soap [21 CFR 701.20].
Products that meet this definition of soap are regulated by the Consumer Product Safety Commission disclaimer icon (CPSC), not by FDA. Please direct questions about these products, such as safety and labeling requirements, to CPSC.
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