A flow regulator for a compressed natural gas (CNG) system is defined by a housing having at least one inlet port, at least one outlet port and at least one interior passage fluidically interconnecting the inlet and outlet ports. A mechanical bypass valve is disposed between the inlet and outlet ports and enabled by a movable biased feature which moves based on inlet pressure and in which the bypass valve is closed only after inlet pressure is greater than a predetermined threshold. The bypass valve is a fail safe wherein gas regulation does not occur until the inlet pressure is sufficient to close the bypass valve. The flow regulator further includes a coolant bowl defined by a serpentine channel formed in a coolant plate as well as a balanced valve as a regulator control feature in conjunction with a weighting or loading mechanism having a diaphragm.