GM Edvins Kengis plays this, and I have been looking at it myself and dabbling with a few games here on the site. It is referred to as the English Defense against 1. c4 and 1. d4, and as Owen's Defense against 1.e4. The positions can vary greatly, but many transpose or are similar to lines in the Queen's Indian Defense or the Dutch Defense.
The English Defense is considered fully sound, but Owen's Defense is debatable in its solvency. The critical line for 1. ... b6 starts out 1. e4 b6 2. d4 Bb7 3. Bd3.
Black can break with any of the 4 center pawns, but ...c5 and ...f5 are considered the primary ones. Positions after the ...c5 pawn break often transpose to English Hedgehog-type positions, while pure English Defense-type position often feature ...f5- GM Anthony Miles played it, and he remarked that the ...f5 pawn break is the whole point of the defense.
GM Danny King has a great book on the English Defense, and more recently CM Christian Bauer has written a book entitled Play 1. ... b6.