SpringBoot Cloud Config issue after upgrade to Springboot 2.4.2 and Cloud 2020.0.0

I am facing an issue with Cloud Config after Springboot upgrade. I am using native search locations for loading various properties and yamls. This configuration has stopped working after upgrade.

spring:
  application:
    name: ConfigServer
  cloud:
    config:
      use-legacy-processing: true
      server:
         native:
            searchLocations:  
               - classpath:/config
               - /filesystem_path1/
               - /filesystem_path1/

When a Cloud config client sends the request to fetch resources from Config Server, I see the following error on Config server Resolved [org.springframework.cloud.config.server.environment.FailedToConstructEnvironmentException: Could not construct context for config=eureka_client,propfile1,propfile2 profile=local label=null includeOrigin=true; nested exception is java.lang.NullPointerException]

Comment From: mbhave

Spring Cloud is a separate project with its own repository. If you think you've found a bug, please raise an issue in their issue tracker with a minimal sample that can be run to reproduce the issue.

There were several changes made in Spring Cloud 2020.0 based on Spring Boot's ConfigData changes so please be sure to read the reference docs to confirm that it is an actual bug.